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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (162.0) $ (41.6)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Non-cash RINs (gain) expense 117.2 (64.6)
Unrealized (gain) loss on derivative instruments (5.4) 17.5
Other non-cash activities 20.6 47.8
Changes in assets and liabilities 0.3 (53.1)
Net cash used in operating activities (29.3) (94.0)
Investing activities    
Additions to property, plant and equipment (17.6) (20.0)
Proceeds from sale of business 95.4  
Net cash provided by (used in) investing activities 77.8 (20.0)
Financing activities    
Proceeds from borrowings - revolving credit facility 838.2 596.8
Repayments of borrowings - revolving credit facility (1,071.2) (423.7)
Proceeds from borrowings - MRL revolving credit agreement 26.6 32.0
Repayments of borrowings - MRL revolving credit agreement (26.7) (22.3)
Proceeds from borrowings - senior notes 100.0 200.0
Repayments of borrowings - senior notes   (179.0)
Proceeds from inventory financing 88.0 280.7
Payments on inventory financing (147.0) (336.8)
Proceeds from DOE Loan 781.8  
Proceeds from other financing obligations 40.0  
Repayments of borrowings - MRL Asset Financing Arrangements (396.1)  
Repayments of borrowings - MRL Term Loan Credit Agreement (86.0)  
Payments on other financing obligations (38.6) (17.0)
Net cash provided by financing activities 109.0 130.7
Net increase in cash, cash equivalents and restricted cash 157.5 16.7
Cash, cash equivalents and restricted cash at beginning of period 45.9 14.7
Cash, cash equivalents and restricted cash at end of period 203.4 31.4
Cash and cash equivalents 123.4 23.9
Restricted cash 80.0 7.5
Supplemental disclosure of non-cash investing activities    
Non-cash property, plant and equipment additions $ 27.0 $ 25.2